Liberty Bank of Middletown, Connecticut, was named the #1 ‘Best in State Bank’ by Forbes in their coveted 2023 list of America’s Best in State Banks. Liberty has secured a spot on Forbes’ Best Banks list every year since 2018, also earning the number #1 spot in 2021.
To view the entire list of banks and credit unions, go to Forbes America’s Best Banks in Each State. At #1 on Forbes’ 2023 list, Liberty was followed by Webster Bank at #2 and Chelsea Groton Bank at #3.
According to Forbes, they partner with market research firm Statista Inc., the world-leading statistics portal and industry ranking provider, to survey approximately 31,000 U.S. residents. Statista asked survey participants to name all the banks and credit unions where they have a checking or savings account. They also asked them to evaluate these institutions based on criteria such as customer service; the quality of the financial advice representatives offer; whether fees are transparent and reasonable; ease of navigating the company website; on-location branch services; and the overall level of trust the companies inspired.
In addition, the ranking as a Best in State Bank was based on a sentiment analysis approach of publicly available online text reviews and ratings, including online reviews and ratings posted on Google Reviews between March 2020 and April 2023.
“Earning the honor of once again being named the #1 Best in State Bank in Connecticut speaks volumes not only about my hardworking teammates but also the strength and reputation of Liberty, our commitment to customer service, our workplace culture and our devotion to our communities,” said David W. Glidden, President & CEO of Liberty Bank. “The Forbes list puts emphasis on what we can say with 100 percent confidence at Liberty Bank: We are positioned as well as any bank in the United States.”
Glidden specifically pointed to some of the many impactful accomplishments over the past 12 months, including the Bank’s outstanding financial performance in 2022; seamless transition to a new and modern online banking platform; launch of their digital bank called Owners Bank; installation of an entire new fleet of first-class ATMs; and their record investment of more than $2.5 million in community giving in 2022.
The survey portion of the ranking accounted for 80% while the reviews and ratings accounted for 20%. Large nationwide banks and credit unions with branches in 15 or more U.S. states were not included so the list reflects smaller, regional institutions.
About Liberty Bank
Established in 1825, Liberty Bank is the oldest and largest independent mutual bank in the country. With more than $7 billion in assets, Liberty has 56 banking offices across Connecticut and one in Massachusetts. As a full-service financial institution, Liberty offers consumer and commercial banking, cash management, home mortgages, business loans, insurance and investment services. Named ‘Top Workplace’ by the Hartford Courant every year since 2012 and designated a 2021, 2022 and 2023 Best-In-State Bank in Connecticut by Forbes Magazine.